Aurobindo to buy Apotex in 5 European nations for 74 million euros

New Delhi: Aurobindo Pharma said it has inked a pact to acquire Apotex's commercial operations across five European countries, including Poland and Spain, for 74 million euros.

The acquisition is in line with the company's strategy to strengthen and grow its European business and to expand in Eastern Europe, Aurobindo Pharma said in a statement.

The Hyderabad-based drug firm has inked a definitive agreement to acquire from Apotex International Inc its commercial operations and certain supporting infrastructure in five European countries, it added.

In Poland, Aurobindo will add significant sales based on the established brand name APO as well as a dedicated sales force covering physicians and the pharmacy network.

In Poland and the Czech Republic, Aurobindo will become one of top 15 generics (Gx) companies in each country, the company said.

In the Netherlands, the acquisition will lead to Aurobindo becoming a leading OTC company by volume while in Spain it will strengthen the company's position in the generics market, it added.

In Belgium, the deal would provide Aurobindo an entry into the retail generics space, it said.

The acquisition includes a portfolio of over 200 prescription drugs (Rx) and 88 OTC products and an additional pipeline of over 20 products which are expected to be launched over the next two years, Aurobindo said.

The Indian firm and Apotex will enter into a transitional manufacturing and supply arrangement to support the ongoing growth plans of these businesses, the statement said.

The acquisition announced today is in line with our strategy to grow and diversify our business in Europe. Acquiring Apotex businesses in these key five countries will allow us to further expand our product offering, including OTC medicines in the Netherlands, and considerably strengthen our position in Eastern Europe," Aurobindo SVP of European Operations V Muralidharan said.

Aurobindo has been expanding its presence in Europe since 2006 across several key markets.

In 2014, it had acquired Actaviss commercial operations in seven Western European countries.

Last year it acquired Portugal-based Generis Farmaceutica.

The Hyderabad-based company currently has a presence in nine European countries.